What is the Dogecoin ?
The Dogecoin was created on December 6, 2013 as a “joke” by Billy Markus . His goal was to make fun of other crypto-currencies. A month later, a community had formed around this currency, its capitalization reached 60 million dollars.
This crypto has as logo the famous Japanese dog breed Shiba Inu, which is at the origin of the internet meme of a dog named “Doge”.
How does Dogecoin work?
The Dogecoin network is based on a scrypt proof-of-work algorithm. The objective of this choice was to prevent ASIC mining.
Dogecoin has no maximum monetary mass: each time a new block is created, 10,000 DOGE are distributed to the miner. Initially, the maximum money supply was set at 100 billion tokens. But this provision was abolished in February 2014.
In conclusion, let’s say that the Dogecoin is a fun and friendly crypto-currency, without economic ambition, but which has been able to build a dynamic and very active community. It can be described as the mascot of crypto-currency.